Category: Highlights

Asia’s cash premiums for 380-cst high-sulphur fuel oil (HSFO) climbed on Friday, surging to a more than two-year high and posting their second consecutive weekly jump amid strong demand and tight supplies. The cash differentials for 380-cst HSFO surged to a premium of $21.50 per tonne to Singapore quotes, compared with $20.75 per tonne a day earlier. The premiums have more than doubled this week, while Singapore’s onshore fuel oil stocks dropped to a three-month low of 20.9 million barrels, or 3.1 million tonnes, in the week to March 30..…

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Asian spot liquefied natural gas (LNG) prices were relatively stable this week but there was risk to the upside due Russia’s threat to cut off supply to Europe unless payments are made in roubles. The average LNG price for May delivery into north-east Asia LNG-AS was estimated at $35.00 per metric million British thermal units (mmBtu), unchanged from the previous week, industry sources said. Prices had risen to $36.00/mmBtu earlier this week, they added. In Asia, demand remained muted as buyers abstained from spot market purchases until there is more…

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In Q1,crude oil prices continued the long-term bullish trend that began after WTI futures briefly spiked into negative territory in 2020. The US benchmark traded within a neat pitchforkthroughout 2021, registering multiple bounces within its confines.The invasion of Ukraine ultimately sent oil prices into a parabolic rise, however. After reaching a high of 130.50, WTI pulled back sharply towards the pitchfork before attempting another advance. The 2011 high at 114.83 has proven to be the next level of resistance. Price action has stalled there twice in the last four weeks. At the time of writing (25 March 2022), WTI crude oil is on track to end…

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US President Joe Biden has announced the release of one million barrels of crude oil every day for the next six months from the Strategic Petroleum Reserve (SPR), the largest such release from the United States stockpile in history. The move comes as oil prices have spiked since Moscow’s invasion of Ukraine on February 24 and subsequent sanctions slapped on Russia by the US and its allies. The latest amount of US oil release would make 180 million barrels available – or the equivalent to about two days of global…

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Japan does not see immediate impact on its LNG imports from Russia following its March 31 order prohibiting gas supply to countries that have imposed sanctions against Moscow if they refuse to pay for imports in rubles, Minister of Economy, Trade and Industry Koichi Hagiuda said April 1. The METI minister’s comments come as Japan currently does not see the latest Russian order cover LNG, but only a gaseous form of natural gas, a METI source said. Russian President Vladimir Putin signed an order March 31 prohibiting supply of Russian…

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